5 Factors that Affect Your Virtual Sales Training Cost
During this pandemic, individuals and companies alike have had to adapt and evolve to the changing landscape of business and sales. With the majority of events, meetings, and projects being moved online, managers and leaders have had to get creative.
Luckily, technology affords us the resources to continue on and make the most of this time. Being forced to take a step back, this time is the perfect opportunity to re-evaluate your business strategies and invest in your most important resource: your people.
What is the Cost of Virtual Sales Training?
While it’s never a bad time to invest in your people, this moment in time is especially well-suited to investing in a virtual sales training program to prepare your people for the return of business as usual.
Given that the benefits of virtual sales training have been well established, you may now be wondering, how much does virtual selling cost? How much should I invest in a virtual training program for my reps?
The truth is, sales training costs can vary based on numerous factors. As Forbes pointed out years ago, public in-person training events are standardly 1-2 days and cost anywhere from $500 to $5000 for a seat, while private trainings start around 5k per day and increase in price based on certain considerations.
As for virtual sales training, the price tag is also dependent on a number of variables, but overall, we can break down the cost of a good virtual sales training program to 5 determining factors:
1. Program Length
One of the first criteria that will determine your investment in a virtual sales training program for your reps is the amount of time the program will last.
For example, virtual trainings can follow a similar format to that of the standard in-person trainings, taking place over a couple of full days and lead via virtual meetings online by a training expert.
Other programs are based on shorter modules, with support and guidance from a sales trainer, spanning multiple sessions over many days or even weeks.
2. Number of Participants
Another obvious criteria that will affect price is the number of sales reps you plan to enroll in the training. Obviously, the more reps you plan to enroll, the more you’ll need to invest. However, bulk purchasing a virtual sales training program can lower your cost-per-participant.
One less obvious factor to note is the number of managers you plan to have participate in the training as well. While training your reps is of the utmost importance, their managers need to be privy to and involved in the online workshops and content as well.
This not only ensures that your entire team is on the same page but that the post-training transition and implementation is smooth and effective, ensuring a worthwhile return on your investment.
3. Number of Modules
This criteria encompasses not only the number of modules available to your reps but also the depth of content and the subjects covered (i.e. how granular, specific and in depth the training gets).
Most virtual sales training programs follow a standard, sequential programming; however; if for example, you run a call center and want to focus on training your reps on prospecting, you may have the option to add an additional module that dives into that subject.
The number of modules and subjects you want access to (above and beyond the basic training package) will affect the price tag.
4. Level of Customization
In addition to the number of training modules, your program may require a certain level of customization.
Your program and your reps are unique – and tailoring the virtual sales training to reflect this is always an option.
Having your sales trainer develop specific examples, activities, and exercises that are relevant to your reps and managers is a great way to increase engagement and retainment of the training material for your team. The more that experience that facilitator brings to the table the more you should expect to pay. For example, selling to CMOs of hospitals requires a person with experience working with CMOs.
Based on the level of customization you want to implement with the virtual sales training, you can expect the final cost to be a bit higher.
This piece of the training comes into play after your team has completed the actual training itself. Many virtual sales training programs will offer a package including post-training resources and ongoing support for both reps and managers.
Studies have shown that having regular follow-ups, ongoing engagement with the information, and other methods of “sustainment” lead to increased retainment and better results. In other words, the training will be more effective in the long run and increase your ROI.
There are many examples of what form this follow-up to training can take. The value of having a 30 year veteran of sales leadership coaching your reps is significant and can cost between $3,000 and $4,000 per day. You might also see value in virtual coaching sessions for your reps or even “coach the coach” sessions; based on that daily rate of $3-$4k, you can see how the price can get up there. Remember, the “ignition” known as the remote workshop or virtual sales training itself is great, but the sustainment is where true behavioral change happens.
At ASLAN Training and Development, our virtual selling program takes all the best of our in-person training workshops and condenses that experience into easy-to-digest online training modules. The training is as fully customizable as our in-person events. We also offer a licensed use of our Catalyst Dashboard software for managers to help manage their teams through the three parts of their job: lead, manager and coach.
Overall, you can expect the cost of a virtual sales training program to reflect the above factors. With that said, this can range from $500-$1,500 per participant. Maybe a “plug & play” approach is fine for your program, or maybe you want to invest in a fully customized training program with an ongoing support package. Either way, virtual sales training can be a great and worthwhile investment of your organization’s time and money, given the surplus of time we have on our hands during this global pandemic.
The best way to get to know us is to know what we value. If we teach it we live it, because what we do speaks far more eloquently than what we say. We’ll always choose people over profits, and we’re most fulfilled and effective when we serve. It drives our culture, frames our training programs and transforms the lives of the clients we partner with.